Securities Arbitration Lawyers BlogFINRA Adopts Amendment to Rule That Would Provide Trusted Contact for Seniors with Diminished Capacities
FINRA recently amended a rule that would require brokerage firms to establish a contact for at-risk seniors.
In March 2017, FINRA amended FINRA Rule 4512 to require member firms to make reasonable efforts to obtain the name and contact information for a trusted contact person upon the opening of a customer’s account.
The proposal to amend the rule was initially pitched in late October 2016 and has gone through the comment phase up until FINRA adopted and the SEC approved it.